Reporter- San Francisco Business Times
Goodwill Industries is moving its Bay Area headquarters to 295 Bay St. in North Beach after selling its property in Mid-Market last year.
Goodwill‘s Bay Area organization paid $16 million for the 35,000-square-foot office building, according to a person familiar with the deal. The property was built in 1967 as the Northpoint Theatre and still maintains its marquee sign.
“We are delighted to have purchased a new headquarters in the city where we were founded, as the third-oldest Goodwill in the United States, 99 years ago. We will continue to call San Francisco home, with the ongoing support of the community, for the next 100 years and beyond,” said Maureen Sedonaen, CEO of Goodwill of San Francisco, San Mateo and Marin.
The group, which sells donated goods to fund jobs for disadvantaged workers, is looking for more real estate for its warehouse and logistics facility, job placement center and donation centers, which are based at 1500 Mission St. for two more years. It is working with an architect to determine the design and number of employees that will work at 295 Bay St.
Mark Geisreiter and Matt Kroger of CBRE represented the buyer in the Bay Street sale. Rob Dumas and Pat Hubbard from Sansome Street Advisors represented seller New Urban Properties.
Goodwill moved its offices from its previous location at Mission Street and South Van Ness in Mid-Market. It sold the site to Related California, which is planning 560 residential units in a neighborhood that has seen strong investment interest as companies including Twitter and Uber Technologies move in.
The city of San Francisco is also seeking to buy a 466,000-square-foot portion of that property where Related would build an office tower to house city employees.
Roland Li covers real estate and economic development